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Management on Decision-making Principles - Term Paper Example

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This term paper aims to focus on a real life problem, relate it to the existing decision-making principles prevalent, and the analysis of such principles in relation to the existing problems. Here the example of NASA has been included to understand their decision-making framework. …
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Management Term Paper on Decision-making Principles
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"Management on Decision-making Principles"

Download file to see previous pages The New York Times also revealed that the space agencies are worried for the catastrophic shuttle accidents that took place in this decade. It has become a threat for the aeronautics and space research sector. The agencies are estimating the catastrophic failure in fiery gradient to the orbit at 1 in 78. An accident of such a stature would destroy the shuttle and kill the astronauts as well. The most risky period in the flight is the ascent, as during this time the engines run at a hazardously high speed, pressure and temperature. The risk of such grim accidents is high despite the three successful flights even after the Challenger disaster. Risk is a major policy issue that NASA needs to consider for their risk management programs. NASA has already proposed a $25 billion worth of space station for transporting the materials and the astronauts on the shuttle and also for the maintenance work, but the risks associated with the programs still prevails (Broad, 1989). Bloomberg revealed that NASA is planning to launch its most expensive and ambitious Mars mission. This also would not be easy because the complicated design of the rover is very risky and it has been termed as “seven minutes of terror”, as it takes about 13,000 mph to complete stop. So this is another risky venture of NASA, which is in the process. The latest estimates of risk of NASA suggest that shuttle accidents are likely to occur even before the space station is completed. It is said that if any other incidents or accidents take place after this, it would cripple the space program and the ambitious projects which NASA is planning in near future (Chang, 2012). For funding the space programs NASA has to keep its audience interested in their programs. The company compares its economic and political...
The study was designed keeping in mind the management principles that are required for the decision process to reduce various organizational risks. The solution might differ from organization to organization, but the strategic framework or motives are more or less similar. Here the example of NASA has been chosen to capture few decision-making models which they utilize to avert the disasters that are occurring frequently with their space shuttle. These disasters not only result in loss of life, but also wastage of funds and useful resources.
The newspaper articles have been referred to, for highlighting the disasters that took place in NASA with relation to their space shuttle. The lives of the astronauts were scarified and government generated funds for such significant and expensive missions were wasted. In the statement of principle the triple risk model of NASA has been explained, along with the RIDM process, which is the decision-making model followed by NASA. It consist of risk analysis, environment analysis and performance management. These models work on the seven principles, based on the theories of strategic management. Though NASA’s projects are designed based on these decision-making models and the principles stated above, but disasters happen due to negligence, which can be only eradicated if the space managers follow the principles of management set within the organization. ...Download file to see next pagesRead More
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